ISLAMABAD (92 News) – Minister for Finance Asad Umar confirmed on Wednesday that the federal government has not yet approached the International Monetary Fund (IMF) for a bailout package.

Addressing the “Leaders in Islamabad Business Summit”, Asad Umar said that the government has managed to bridge the gap with the IMFand further talks will be held with the IMF this week.

Govt to stop tax evasion through modern technology

Asad Umar warned that tax evaders won’t be spared and said the government is applying IT solutions to check tax evasion and bring reforms in the institution. He said the government will chase down tax evaders.

“It is taking help from technology to bring more people into the tax net. A tracking system for tax evaders is in the works,” he added.

Fiscal deficit created by previous government

The finance minister said that the fiscal deficit created by previous government was the major reason behind the rise in the inflation rate. He admitted that the federal government felt difficulties of its nationals due to inflation hike but it did happen when steps have been taken to remove bigger deficits.

Asad Umar slammed criticism continued by the opposition over the hike of inflation rate. He said that the current inflation rate stood at 2.4 per cent under the federal government led by the Pakistan Tehreek-e-Insaf (PTI).

He explained that the rate was highest during the tenure of Pakistan People’s as it jumped by 10 per cent while five per cent increase was made in Pakistan Muslim League Nawaz (PML-N) led government.

He said that the federal government has taken more difficult decisions as compare to previous tenures for bringing betterment in economic indicators. “Tax revenue has not decreased but also not increased as per expectations,” he said.

Govt started implementation of Benami regulations

To a question, Umar said that the present government has started implementation of Benami regulations which had been legislated two years ago. He added that the regulation was taken into effect after formal approval of the federal cabinet.

Next three month will be crucial for Pakistan: Asad Umar

Formal approval of the federal cabinet was sought for amendments made in regulations formulated for customs and Federal Investigation Agency (FIA). Detailing about grey-listing of the country by Financial Action Task Force (FATF), the finance minister said that the next three month will be crucial for Pakistan.